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RADP / Pulse Ghana  >  news  >  business

Two MMM officials arrested

Magdalene Teiko Larnyoh

The Head of Microfinance Examinations Office at the Central Bank, Patience Yeboah-Nkansah said they will ensure the culprits are dealt with according to the law.

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The two were arrested in the process of luring unsuspecting customers to invest with them.

In an interview with Accra-based Starr FM, the Head of Microfinance Examinations Office at the Central Bank, Patience Yeboah-Nkansah said they will ensure the culprits are dealt with according to the law.

READ ALSO: BoG warns public against doing business with MMM Ghana

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“The law empowers us that as soon as we hear of an institution engaged unlicensed microfinance activity, all we do is; we, first of all, act fast by closing down your institution. And then we made an announcement in the newspapers and then report you to the security agencies, and we hear they have nabbed two of their operators.”

Earlier the Tema Regional Police Command also arrested two suspects after a potential client reported them to the police.

It is unclear when MMM Ghana commenced operations.

READ ALSO: Welder in prison for using customer's money for Ponzi scheme

The Bank of Ghana issued a statement earlier calling on the general public to stop doing business with MMM Ghana.

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The Central Bank said this is because MMM Ghana is “operating a Ponzi scheme” through a virtual office.

The statement said that “the company, which claims to have over 10,000 clients, moves from place to place and mobilises deposits from the general public.”

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Magdalene Teiko Larnyoh Magdalene Teiko Larnyoh A feminist at heart and a lover of art. She loves to write on business, politics and health.

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